Nov 4 (Reuters) – Match Group Inc on Wednesday
reported quarterly revenue above Wall Street estimates, as more
users signed up on its app Tinder to meet new people in the
midst of social distancing restrictions induced by COVID-19.
Tinder, a major revenue generator for Match, added about
400,000 subscribers in the third quarter, taking its total
average subscribers to 6.6 million and pushing its direct sales
up 15% year-over-year.
Tinder dominated the U.S. dating market with close to 5.1
million average daily active users and 3.9 million downloads
during the quarter, according to data from analytics firm
Match said its total revenue rose 18% to $639.8 million in
the quarter ended Sept. 30, beating analysts’ estimates of
$605.1 million, according to IBES data from Refinitiv.
The company said growth in North America subscribers was
primarily driven by apps including Tinder, Hinge, BLK and
Chispa, while international subscribers mainly signed up on
Average subscribers on Match’s apps, which also include
OkCupid and Plenty of Fish, increased 12% to 10.8 million during
Net earnings attributable to Match shareholders rose to
$132.6 million, or 46 cents per share, from $128.5 million, or
63 cents per share, a year earlier.
(Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel)